TV Azteca, a Mexican media house, has confirmed that it intends investing in the daily fantasy sports market in Latin America by injecting an amount of $1 million in Fantasy Network, a Daily Fantasy Sport software provider.
According to TV Azteca, the investment of $1 million will be paid in three separate installments and is subject to certain growth targets being met as well as a further advertising investment of $10 million payable over a period of three years from when Fantasy Network launches its product of the LATAM region.
ADM, the parent group of TV Azteca, will be instrumental in organizing licensing and making certain that all the legal and regulatory approvals are obtained from countries where the product will be launched in order to operate and market through a dedicated sports fantasy games in every one of the territories where it operates though a designated corporation.
Barak Eisenstein, the Chief Executive Officer of Fantasy Network, commented on the investment by saying that Azteca TV’s investment is a vote of confidence in the success of fantasy sports on a global level. He added that the region has significant strategic importance and that since the deal is the largest media cooperation outside the United States, it is a game changer for fantasy sports.
Eisenstein went on to say that the capabilities and technology that Fantasy Network offers will be a growth engine for the group Azteca and is bound to expand its scope of contents, activities and revenue.